Luxury Electric Car Manufacturer Karma Accepts Bitcoin as Payment

Karma Automotive, a California-based luxury electric car manufacturer headquartered in California, has started accepting cryptocurrency as a mode of payment at one of its showroom in Newport Beach.

Karma Newport Beach now permits buyers to settle bills in Bitcoin (BTC), including other services associated with its vehicles.

Regarding the acceptance of Bitcoin as payment, Karma CEO Lance Zhou said:

“We are opening our platform to serve as a test bed to help convert theoretical blockchain applications to practical use. Karma’s flagship store will support our efforts to prove emerging technology and provide the latest VVIP customer treatment offerings by accepting Bitcoin cryptocurrency.”

Back in 2014, China based Wanxiang Group acquired Karma’s assets from Fisker Automotive for $149.2 million. Two years later, the company started manufacturing its most popular Revero vehicle, which costs roughly $135,000. The vehicle can move 37 miles per recharge.

Cryptocurrency has already become a part of luxury goods sector. In September 2018, Swiss luxury watch brand Hublot unveiled its Big Bang Blockchain watch that could specifically be purchased with Bitcoin.

Other premium timepieces from Franck Muller also have crypto wallets incorporated in them. Cost of watches sold by Franck Muller range from $9,800 to $50,600.

Across the globe, car manufacturers have been testing blockchain technology, with the Ford Motor Company exploring blockchain and geofencing to precisely trace the number of “green miles” led by its energy saving cars. BMW, Ford, General Motors, Honda and Renault began testing a blockchain car identification and payment system in the US.

Last month, Indian automaker Tata Motors unveiled plans to implement blockchain solutions at several levels of the automobile sector, including the demand forecast algorithms, parking marketplace and live tracking of fuel quality.